The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
|
|
It's Tuesday! Here’s what you need to know in crypto today. |
| BTC sits above $63,500.PBOC takes steps to stimulate China's economy.Ether ETFs recorded over $79 million of outflows on Monday. |
|
|
CoinDesk 20 Index: 2,014.90 +1%
Bitcoin (BTC): $63,558.29 +0.07%
Ether (ETH): $2,642.62 -0.1%
S&P 500: 5,718.57 +0.28%
Gold: $2,632.34 +0.23%
Nikkei 225: 37,940.59 +0.57% |
|
|
The Crypto Minis from Grayscale: BTC & ETH. Considering an investment in crypto but looking to start small? How about with a Mini. A Grayscale Crypto Mini. Grayscale Bitcoin Mini Trust (ticker: BTC) Grayscale Ethereum Mini Trust (ticker: ETH) The Trusts are not funds registered under the Investment Company Act of 1940, as amended (“1940 Act”), and are not subject to regulation under the 1940 act, unlike most exchange traded products or ETFs. An investment in the Trusts are subject to a high degree of risk and heightened volatility. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. The Grayscale Crypto Minis offer: Mini fee: BTC and ETH offer some of the lowest fees1 among Bitcoin and Ethereum spot funds (Brokerage fees and other expenses may still apply). Mini share price: BTC and ETH both have very low share prices, allowing investors to get extremely precise with their exposure. Mini commitment: You don’t need an entire Bitcoin or thousands of dollars' worth of Ethereum to get crypto exposure — as exchange-traded products, BTC or ETH allows you to allocate as much or as little as you want to crypto. Turns out, a Mini gets you a lot. Crypto investing begins with Grayscale. |
|
|
1Low cost based on gross expense ratio at 0% for the first 6 months of trading for the first $2.0 billion. After the fund reaches $2.0 billion in assets or after 6-month waiver period, the fee will be 0.15%. Brokerage fees and other expenses may still apply. See prospectus for additional fee waiver information. Disclosures: Investing involves risk, including the loss of principal. Investments in the Trust involve a high degree of risk and heightened volatility. Digital assets are not suitable for an investor that cannot afford the loss of the entire investment. An investment in ETH or BTC is not an investment in Ethereum or Bitcoin. Foreside Fund Services, LLC is the Marketing Agent for the Trusts. Please read the ETH prospectus and BTC prospectus carefully before investing. Digital Asset Risk Disclosures Extreme volatility of trading prices that many digital assets, including Bitcoin and Ethereum, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of the Trust and the shares could lose all or substantially all of their value. Digital assets represent a new and rapidly evolving industry. The value of the Trust depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset. Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset. Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets. |
|
|
Bitcoin is little changed in the past 24 hours after recovering from a dip to $62,750 during the Asian morning to hold above $63,500. Ether was similarly unmoved at $2,645. Other leading altcoins showed a bit more life, with SOL and DOGE higher by 1.8% and 1.2%, respectively. The crypto market at large has risen by 0.9%, as measured by the CoinDesk 20 Index. Muted activity following a rally is quite common in the cryptocurrency market, as traders take profits and prices consolidate at new footholds. |
The People's Bank of China took steps to stimulate the economy, including cutting the reserve requirement ratio for mainland banks by 50 basis points. The move drew little response from crypto prices. Asian stocks, on the other hand, rallied, with Hong Kong's Hang Seng index climbing 3.2% and the Shanghai Composite index adding 2.3%. "Bitcoin's lack of response to this news, juxtaposed against rallying Chinese indices, highlights that its current beta appears more tightly linked to Fed policy and U.S. markets, as evidenced by near two-year high correlations with US stocks, particularly following last week's FOMC meeting," Rick Maeda, a Singapore-based research analyst at Presto Research, wrote to CoinDesk in a note. Ether ETFs recorded their highest outflows since July on Monday, with over $79 million exiting the funds. The figures are the highest since July 29, when ETH ETHs recorded a cumulative $98 million, and the fourth-highest since they first went live on July 23. The outflows were almost entirely concentrated in Grayscale's ETHE, which lost $80 million. Bitwise's ETHW recorded around $1.3 million in inflows while all the others showed no activity either way. This suggests a distinct lack of institutional demand for ETH, especially as the world's second-largest cryptocurrency has enjoyed a rally of over 10% in the last week. |
|
|
Market Insight: Bitcoin Needs to Top $65.2K to Break Downtrend |
BTC's recovery from lows of under $54,000 earlier this month has some more ground to make up before bitcoin can be considered to have broken its downtrend, Bitfinex analysts said. In a note shared with CoinDesk on Tuesday, analysts said the cryptocurrency needs to smash August's high of $65,200 to confirm the end of a prolonged slide, characterized by lower price highs since March. This level is important because since the all-time high of $73,666 was reached on March 14th, BTC has still not managed to eclipse a single local high before a local/new bottom was formed. This qualifies for the technical definition of a "downtrend," analysts said, explaining why $65,200 is the level to beat for the bulls. Since retreating from the record high, bitcoin's direction has been characterized by consistently lower highs, forming a downward pattern. It must eclipse the August high to break the trend and resume a rally that started last October. |
|
|
| The chart shows the ratio of copper's per pound market price to the per ounce price of gold.The ratio has jumped 2.3% today, offering positive cues to risk assets, including cryptocurrencies, in the wake of China's large stimulus announcement. The ratio dropped sharply in July, signaling an impending risk aversion, which materialized in early August.Source: TradingView |
|
|
Since 2015, Consensus has set the stage for the most pivotal moments in digital assets, blockchain and Web3. Now, this unparalleled event is coming to Hong Kong. Join global leaders from East and West as they gather for groundbreaking discussions, key announcements and game-changing deals. Don’t miss your chance to be part of the event that defines the next era of innovation.
Register todaybefore prices increase and use code FM15 for an additional 15% off.
|
|
|
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
|
|
|
